Niva Bupa Health Insurance Faces X28.37 Crore Income Tax Demand for AY 2023-24

Niva Bupa Health Insurance Company Ltd has received an Order under Section 143(3) read with Section 156 of the Income Tax Act, 1961 from the Office of the Assistant Commissioner of Income Tax, Central Circle 5(3), Mumbai, raising a demand of X28,37,45,380/- (including an interest of X7,10,47,664/-) for the Assessment Year 2023-24. The Assessing Officer made certain adjustments primarily on account of disallowance of marketing and advertisement expenses and provision of claims Incurred But Not Reported (IBNR) and Incurred But Not Enough Reported (IBNER). The Company shall exercise its right to appeal before the Appellate Authorities and make appropriate disclosures in its financial statements.